Lumentum price target lowered to $56 from $70 at BofA

BofA analyst Vivek Arya lowered the firm’s price target on Lumentum (LITE) to $56 from $70 and keeps a Neutral rating on the shares after the company announced preliminary results for fiscal Q3 and guidance for Q4. The miss was "primarily" driven by order cancellations from a key network equipment manufacturer customer, which is likely Ciena (CIEN), and management said it expects a similar amount of headwind in Q4, the analyst tells investors.